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Today, the House Financial Services Committee approved HR 10, the so-called Financial Choice Act, on a straight party-line vote. We call it the Wrong Choice Act. Our detailed opposition letter to the committee is here.

The following statement can be attributed to U.S. PIRG Consumer Program Director Ed Mierzwinski

"The so-called Financial Choice Act is actually the Wrong Choice for America's consumers, homeowners, depositors, small investors, taxpayers and our economy itself. It leaves the successful CFPB as an unrecognizable husk incapable of policing the marketplace while piling innumerable gifts on to the majority's Wall Street and payday lender patrons who will again run amok if the bill becomes law. They ignore the fact of the 2008 financial collapse at our collective peril."

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U.S. PIRG serves as the non-profit, non-partisan federation of state Public Interest Research Groups. PIRGs stand up to powerful interests whenever they threaten our health and safety, our financial security, or our right to fully participate in our democratic society. On the web at uspirg.org.